Colorado’s “rolling conformity” with the federal tax code, coupled with sweeping tax breaks enacted by Congress, triggered a sudden revenue loss.
The largest increases are on taxes of tobacco, vaping and sports betting, but there are also various changes to corporate rates and collections.
Washington, D.C., Mayor Muriel Bowser is proposing a growth-oriented budget for the center of a region on the brink of recession.
The rejected bills included tax credits for the parents of young children, a provision for a state-funded scientific research institute, and legislation exempting service workers’ tips from state income tax.
The vast expansion of private school subsidies is costing states billions of dollars.
With so much federal funding going away, states and localities need to identify what’s most important before they decide what to keep. Across-the-board cuts are not the answer.
The city is short by $31 million for the fiscal year ending next month. Tapping reserves will make balancing next year’s budget that much harder.
The House has twice passed bills that would end taxes for individuals who make money on stocks and other investments. It’s trying to reach final agreement on a cut with the state Senate.
City commissioners voted to welcome state auditors to look for fraud and wasteful spending on their books.
With federal cuts coming, states, cities and counties need to step up their understanding of the programs they run and the priorities they hope to preserve.
Legislators have agreed to a plan to lift the cap and want to spend $870 million more on special education programs.
Trade wars, federal aid cutbacks and IRS layoffs will all have an impact on revenues, though the shocks may not be as bad as some fear. Still, for most jurisdictions budget and staffing freezes or cuts lie ahead. But for now leaders should resist the temptation to raid rainy day funds.
The program has grown far beyond its original target populations. Congress needs to pare it back.
Proposals to cut Medicaid will not only end coverage for millions but undermine the health-care system as a whole.
The median balance increased by 7 percent last year, a big comedown from 31 percent growth in 2023. Still, half the states could operate solely on rainy-day accounts for longer periods of time.
Making tips tax-free would not only lower revenues but distort the tax code.
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